Apollo forms new partnerships for Lloyd’s Marine Builders’ Risk Consortium

Apollo has teamed up with Munich Re Syndicate (MRSL) and Tokio Marine HCC International to lead its new Lloyd’s Marine Builders’ Risk Consortium.

The consortium went live in 2024 and builds on an existing hull collaboration formed by Apollo and MRSL in 2019.

The new offering gives brokers lead line capacity up to $75m for each vessel.

Apollo explained that the ”need for lead capacity in London comes as the shipping industry transitions to greener energy and sees an expansion in naval shipbuilding”.

Iain Henstridge, leader of Apollo’s hull class, added: “This new consortium offers Lloyd’s brokers a genuine alternative, giving them a new route to market for their producers.

”These are often highly complex and technical risks and we have a great team in place to service this exciting class, as well as our existing business.”

Appointment

The consortium came following the appointment of Kyu Byun as Apollo’s new underwriter for marine construction and marine hull at Apollo last year.

Apollo said the move had strengthened its capabilities and enhanced its service to brokers and clients.

”Kyu’s appointment, our cooperation with the surveying community and the extra firepower that the new consortium brings means that Apollo and our partners in this venture are well positioned to take advantage of this exciting opportunity,” Henstridge said.

Dominick Hoare, chief underwriting officer of MRSL, added: ‘I’m pleased our continued partnership with Apollo has enabled this new consortium.

”The global landscape remains a challenging environment, so we look forward to furthering the service we can provide to our valued clients.”

And Simon Shrimpton, head of marine at Tokio Marine HCC International, said that being involved in the consortium ”complements our existing builders risks book”.

“It also provides economies of scale to all participants, dedicated expertise and an efficient solution to traditional placements,” he added.